Ethereum Price Analysis: ETH/USD goes down by 10%

  • ETH/USD went down from $264.75 to $239.40 this Friday.
  • ETH/USD reached a low of $224.

Ethereum had a roller coaster of a Friday as it went down from $264.75 to $237.85, charting a 10% decrease in price. ETH/USD went down from $264.60 to $229.75 within the first 11 hours of the day. Following that, the bulls took the price up to $240 in the next two hours, before the bears re-entered the market and took the price back down to $229.75. The Bulls closed out the day and took ETH/USD up to $239.40.

ETH/USD Daily Chart

  • The nearest support level on the downside lies at $232.35.
  • The latest session took the price back inside the 20-day Bollinger band.
  • The price is trending above the SMA 200, SMA 50, and SMA 20 curves.
  • The MACD (moving average convergence divergence) indicator shows decreasing bullish momentum.
  • The Elliot Oscillator has had 12 consecutive bullish sessions despite the latest bearish price movement.
  • The relative strength index (RSI) has taken a turn from 88.89 to 71.40.
     

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